Philippe phoenix

Only months ago the former GLG star was fined by the UK s FSA. Now he s poised to reopen with twodozen staff and a big bank backer. He may have lost his battle with UK regulators. But that doesn t seem to have hurt his ability to attract talent and money.

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Philippe Jabre is expected to announce the opening of a new asset management firm based in Geneva within the next two weeks, according to people familiar with his plans. Jabre declined to comment on his plans.

The firm will oversee about $2bn of money to start with in three different funds, including a multistrategy hedge fund engaged in convertible arbitrage, a longonly equity fund and a longonly convertibles vehicle. The firm is expected to charge a management fee of 2% and performance fees of 20%. Jabre is expected to recruit about 25 people, about half of whom have already been chosen.

Earlier this year, the FSA found Jabre to have improperly traded on marketsensitive information received during the premarketing of a convertible bond issue in 2003. He was fined £750,000 for market abuse, the largest the FSA has imposed on an individual.